Where Developers Are Looking In NYC

According to a recent analysis by Localize.city, New York City’s residential development boom is rippling outward, up into the Bronx, further east into Brooklyn and deeper into pockets of Queens.

While Long Island City continues its furious pace of construction and remains the No. 1 area for new units with approved permits over the past 12 months, East New York came in second. The South Bronx neighborhood of Melrose placed third.

Bedford-Stuyvesant, where there are a lot of lower-rise buildings under construction, and the Financial District, where a handful of large skyscrapers are in the works, were next on the list.

This analysis pinpoints the neighborhoods expected to see an uptick in new apartments starting to open in 2021 and beyond. Many of the neighborhoods on the upswing have zoning that allows for greater density and incentives to build affordable housing.

“The Bronx is rising,” Localize.city data scientist Israel Schwartz noted. “Overall, neighborhoods in the Bronx are seeing a greater share of large-scale development than in previous years.”

The Localize.city data science team aggregated, decoded and analyzed tens of thousands of building applications for new residential buildings with four or more units residential from the NYC Department of Buildings’ database from January 1, 2010 to July 1, 2018. 

For more information read the full report here.

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